California workers’ compensation industry veteran Joseph George Havlick passed away on July 11 in Reno, Nev.
Havlick’s insurance career spanned decades and included the formation of two successful workers’ compensation carriers in California.
In 1977, Havlick and a group of investors formed Fairmont Insurance Co, where he served as the company’s chairman of the board and president. Fairmont eventually grew to become one of the 10 largest workers’ compensation carriers in California. But after
A.M. Best Europe – Rating Services Limited has revised the outlook to negative from stable and affirmed the financial strength rating of ‘A-’ and the issuer credit rating of “a-” of Kuwait Reinsurance Company K.S.C. . Best said
Standard & Poor’s Ratings Services has said that its “ratings on Validus Holdings Ltd. remain unchanged following the insurance company’s unsolicited offer to combine with Transatlantic Holdings Inc. in response to the definitive merger agreement between Transatlantic and Allied World Assurance Co. Holdings AG announced on June 12, 2011.”
S&P noted that Validus will in all likelihood become the surviving entity if its offer prevails, which would probably mean that “the combined group will be domiciled in Bermuda. The merge
Lexington Insurance Co., a Chartis company, has introduced LexArchaeology – first party coverage for expenses and construction completion delay resulting from the unexpected discovery at a construction site of archaeological resources of significant interest.
“Last summer, construction workers at the World Trade Center site discovered the remains of a ship dating back to the 18th century,” said Liz Carmody, senior vice president of Lexington Insurance Company. “Archaeologists raced to the site and construction ground to a halt while they excavated the ship. The added expenses and delay resulting from this type of discovery were rarely, if ever, covered. LexArchaeology changes that.”
LexArchaeology is available as an endorsement to Lexington’s project specific builder’s risk policy forms. In the event of an unexpected discovery of archaeological resources, the endorsement provides coverage for expenses the insured is obliged to incur for archaeological protective measures, technical consulting and project monitoring, as well as expenses incurred for cleaning, cataloguing, preserving and storing archaeological resources. Additionally, if the discovery causes a delay to the project, LexArchaeology provides coverage for the additional costs, charges and expenses the insured incurs while the archaeological resources are being investigated and decisions relative to final disposition are made and executed. These additional costs can include loss of rental income or gross earnings the insured incurs as a result of the delay.
Construction projects in the United States that are subject to Section 106 of the National Historic Preservation Act may be eligible for LexArchaeology coverage.
Rupert Murdoch on Thursday caved in to pressure from Britain’s parliament to answer questions over alleged crimes at one of his newspapers, setting up a showdown with lawmakers keen to break the media mogul’s grip on politics.
British police arrested a ninth suspect, named by media as a former deputy editor of Murdoch’s News of the World, adding weight to a government call for the media regulator to decide whether his business is fit to run British television stations.
Murdoch, 80, has already been forced to close the News of the World and back down on his biggest acquisition plan yet, the buyout of British pay TV operator BSkyB , due to an outcry over allegations reporters accessed private phone messages.
He and his son James, heir apparent to his News Corp empire, initially said they would not face questions from parliament’s media committee over phone hacking, but they then reversed their decision after Prime Minister David Cameron said they should attend.
Rebekah Brooks, who runs Murdoch’s British newspaper arm, News International, had agreed to face a grilling from the committee. Brooks wa
Indian students planning their overseas visit to pursue education should be aware that they need overseas student insurance. The coverage of domestic medical insurance purchased in India will be limited only to India. Bajaj Allianz overseas student insurance plan can be a useful insurance coverage for Indian students pursuing their higher education abroad. The coverage of Bajaj Student insurance can satisfy the requirements outlined by most foreign universities.
Bajaj Allianz student medical insurance is available as Study Companion and Student Elite plans. Bajaj Allianz student insurance plans are available with medical benefits $50,000, $100,000 and $200,000.
Alterra Capital Holdings Limited announced that the State of New York Insurance Department has approved Alterra Bermuda Limited “as an eligible reinsurer for reduced collateral status, which allows lower collateral requirements for non-domestic reinsurers that are highly rated and financially secure.”
The approval is a result of repeated calls, especially from Lloyd’s, for “alien” reinsurers to be relieved of the onerous 100 percent requirement. The decision means that Alterra Bermuda will now be able to post collateral for 20 percent of property and casualty reinsurance loss reserves in New York rather than the 100 percent required by most non-US reinsurers.
New York is currently among a small group of states within the US to amend its collateral rules to reduce the deposits required. It effect